Limited Liability Company(LLC) is a combination of sole proprietorship, corporation, and partnership. The members of the organization file taxes listing the profits and losses of the business on the personal tax return.
By registering as a limited liability company, your businesses can tax themselves like a corporation. Besides, you can also start an LLC as an individual owner. Neither LLCs have annual business requirements nor they have shareholders and you can also convert your company to LLC in the future.
The owners of a limited liability company are called members and most states do not restrict ownership. Therefore, members may include individuals, corporations, and most states also permit only one owner.
Many trucking companies and truck owners choose to register as a limited liability company because it helps to separate their business assets from their personal property. It is also very easy to manage than a corporation especially if the business is small.